Banking in Chile
Banking in Chile is notoriously difficult for foreigners. Conservative regulations aimed at preventing money laundering mean most banks won't open accounts for expats without extended residency history. Understanding your options early is essential.
The RUT Requirement
To do almost anything financial in Chile, you need a RUT (Rol Único Tributario) - your tax identification number. This is issued automatically when you receive your residency permit and ID card.
No RUT = No bank account (with one exception for ScotiaBank)
Banking Options for Foreigners
CuentaRUT (BancoEstado) - BEST OPTION
- Available to ALL residents with just a Chilean ID
- No income verification or credit check
- Open online or at any BancoEstado branch
- Debit card, online banking, transfers included
- Limitations: 3M CLP max balance (~$3,300), 2M CLP monthly transfers (~$2,200), 200K CLP daily ATM/payments (~$220)
- Perfect for initial banking needs
ScotiaBank Cuenta Corriente para Extranjeros
- Available for temporary visa holders
- Requires proof of income (301,000 CLP minimum/month)
- Despite the name, it's a "cuenta vista" (checking) not a full "cuenta corriente"
- No credit or checks, but more flexible limits than CuentaRUT
Traditional Bank Accounts
- Banks like Banco de Chile, Santander, Bci typically require 2 years of residency
- Need to demonstrate stable local income from Chilean employer
- High income requirements for credit products
- Best to apply once you have permanent residency
Major Banks
| Bank | Foreigner-Friendly | Notes |
|---|---|---|
| BancoEstado | ✅ (CuentaRUT) | Government bank, most accessible |
| ScotiaBank | ⚠️ | Special account for foreigners |
| Banco de Chile | ❌ | Requires residency history |
| Santander | ❌ | Requires residency history |
| Bci | ❌ | Requires residency history |
Practical Banking Tips
Hours: Chilean banks are only open 9am-2pm, Monday to Friday. Plan accordingly.
Transfers from abroad: Banks are suspicious of international transfers. Use Wise or Remitly for better rates and less hassle. Keep documentation of fund sources.
Building banking history: Start with CuentaRUT, use it regularly, pay bills through it, and after 1-2 years you'll have better luck with traditional banks.
Alternative payment methods: Chile is increasingly digital. MercadoPago, Tenpo, and other fintech apps can supplement limited banking.
What You Can't Do Without Traditional Banking
- Receive larger payments or salary deposits exceeding CuentaRUT limits
- Get a Chilean credit card
- Take out loans or mortgages
- Easily manage larger financial transactions
Timeline for Full Banking Access
- Month 1: Open CuentaRUT once you have your ID
- Year 1: Consider ScotiaBank if you need higher limits
- Year 2+: Apply at traditional banks with income proof
- Permanent residency: Full banking access becomes much easier
Pro Tips
- •Get CuentaRUT immediately after receiving your Chilean ID - it's the only easy option
- •Chilean banks are extremely conservative with foreigners - don't take rejection personally
- •Use Wise or Remitly for international transfers - better rates, less hassle
- •Keep all documentation of income sources - banks will ask
- •Bank hours are 9am-2pm only - plan appointments accordingly
Have questions about banking in Chile?